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ClickSoftware Reports Record Revenues For The Third Quarter Ended September 30, 2012

Stocks in this article: CKSW

BURLINGTON, Massachusetts, October 31, 2012 /PRNewswire/ --

ClickSoftware Technologies Ltd. (NasdaqGS: CKSW), the leading provider of automated workforce management and optimization solutions for the service industry, today announced results for the third quarter ended September 30, 2012.

For the third quarter ended September 30, 2012, total revenues were $27.3 million, up 18% from $23.2 million in the third quarter of 2011. Net income for the third quarter of 2012 was $2.8 million, or $0.09 per fully diluted share, compared to net income of $4.5 million, or $0.14 per fully diluted share, for the same period last year.

Non-GAAP net income for the quarter was $3.7 million, or $0.11 per fully diluted share, compared to $5.5 million, or $0.17 per fully diluted share, for the same period last year.

Software license revenues for the third quarter of 2012 were $11.0 million, up 24% compared to software license revenues of $8.9 million for the same period last year. Service and maintenance revenues were $16.3 million, up 14% compared to service and maintenance revenues of $14.3 million in the same period last year.

Gross profit in the third quarter of 2012 was $17.5 million, or 64% of revenues, compared to $15.2 million, or 66% of revenues, in the same period last year.

Net cash provided by operating activities was $4.5 million during the third quarter of 2012.  After paying a cash dividend of $2.5 million, cash, cash equivalents and short and long-term investments at the end of the third quarter of 2012 were $51.6 million, an increase of $1.7 million compared to the end of the second quarter of 2012.

Management Commentary

"We are pleased with the strong results for the third quarter.  Significant operational progress, healthy bookings and a strong pipeline of new business provide us with confidence in our strategy and good visibility moving forward.  Specifically, investments to address increased market demand in the workforce management market by enhancing our Mobility, Shift Planning and Cloud offerings are paying off.  We are seeing traction in new verticals while successful deployments in traditional industries such as Telecommunication and Utilities continue to support our value proposition and highlight the strength of our market position.  Growing market demand in the Americas - including Latin America - and Russia have more than offset any weakness we've seen in Europe. Our market position has again been supported by industry analysts and independent market research.  For the second year in a row, we were ranked as Leader in Gartner's Magic Quadrant for Field Service Management report and we continue to drive the workforce management and enterprise mobility market from a leadership position," said Dr. Moshe BenBassat, ClickSoftware's Chairman and CEO.

"As we look forward to the fourth quarter and beyond, we will continue to differentiate ourselves through innovative product offerings that allow service providers to better optimize their workforce and reduce inefficiencies.  As our investments continue to bear fruit, we look forward to taking the company to the next level by potentially reaching, then surpassing, the $100 million sales mark," Dr. BenBassat concluded.

Outlook

The Company reiterates the previously provided full year 2012 guidance of revenues in the range of $98 to $103 million, representing about 13% to 18% growth over 2011.

Cash Dividend

ClickSoftware also announced today that on October 29, 2012, its Board of Directors approved a $0.08 per share dividend to be paid on November 28, 2012 to all shareholders of record as of the close of business on November 14, 2012. The dividend will be paid net of any required tax. The Company does not have a formal policy governing the amounts and payment of dividends, and the declaration and payment of future dividends, if any, is at the discretion of the Company's Board of Directors.  

Investors Conference Call

ClickSoftware will host a conference call today at 9:00 a.m. EDT to discuss its financial results and other matters discussed in this press release, as well as answer questions from the investment community.  To participate, please call (888) 668-9141 and ask for the ClickSoftware conference call. International participants, please call +972-3-918-0609. The call will be broadcasted by live webcast on the internet (in listen mode only) at http://ir.clicksoftware.com.  A replay of this webcast will be available on the ClickSoftware website. Alternatively, a telephone replay of the call will be available for a week by calling (888) 326-9310 (international callers can dial +972-3-925-5901).

About ClickSoftware

ClickSoftware (NasdaqGS: CKSW) is the leading provider of automated mobile workforce management and service optimization solutions for the enterprise, both for mobile and in-house resources. As pioneers of the "Service chain optimization" concept, our solutions provide organizations with end-to-end visibility and control of the entire service management chain by optimizing forecasting, planning, shift and task scheduling, mobility and real-time management of resource and customer communication.

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